This is the "Run for the Roses" rally that completes a bull market. Those that were wrong are now paying the price and capitulating as the market melts up. Be careful, this is not a new bull market, it is the end and those now getting bullish will be left holding the bag (can hear those bagholder blues now). My turkey will taste very good
It pays to play the day and make hay. Medium and long-term 'shorts' this week have been having their entrails squeezed out by the great big money machine.
This is what ET member Gharguhr2 has been saying for almost a month now down in the Technical Analysis Forum. He nailed this move!
certainly looks like it. I don't see why so many say there were a lot players on the wrong side. Seems rather the opposite to me.It's hard to believe anyone with experience would be short and stay short early in November. It's just looks like longs piling in because of the belief in an end of year rally and then new highs fueled even more buying. It's not a good sign to me. New highs should be seen with great skepticism and almsot complete disbelief to be valid I don't think it's the case.
No problem. By the way, it's highly ironic that Prechter and the Elliott Wave Theorist continue to argue that this is merely a Primary Wave 2 counter-trend rally before a killer Wave 3 to the downside when their "in-house" analyst has been arguing quite correctly for a very bullish rally out of the October lows that has been impulsive in nature.